Intesa weighs Singular acquisition to fuel Spanish expansion

(Alliance News) - Intesa Sanpaolo is reportedly considering a bid for Spanish private bank Singular, in what would mark a rare cross-border deal within the European banking sector in recent years.

The Financial Times reported on Wednesday that the group led by Carlo Messina has commenced due diligence on the Madrid-based institution and is preparing a formal offer as part of a competitive process.

According to the British daily, Intesa Sanpaolo aims to bolster its wealth management footprint and scale up its operations in Spain.

Singular, which is majority-owned by U.S. private equity firm Warburg Pincus, is said to be valued at approximately EUR300 million, although Intesa's bid is expected to fall short of the initial asking price.

The Financial Times noted that despite a resurgence in European M&A activity, most transactions remain domestic due to persistent political and regulatory hurdles.

The talks between Intesa and Singular also come as European lenders seek to diversify revenue streams as the tailwinds from high interest rates begin to fade.

Intesa Sanpaolo, Italy's largest bank by assets with a market capitalization of EUR97 billion, had already announced plans earlier this year to expand its asset management business across Europe. The growth strategy, spearheaded by long-standing CEO Carlo Messina, involves hiring over 2,300 financial advisors by 2029.

The newspaper recalled that while Intesa has maintained a small presence in Spain for decades through a corporate and investment banking office, an acquisition of Singular would represent its first significant expansion into the Iberian market.

Singular manages approximately EUR20 billion in client assets and acquired UBS's Spanish wealth management business in 2021.

The Financial Times further highlighted that Intesa Sanpaolo has so far remained on the sidelines of the intense consolidation wave seen in the Italian banking market over the past 18 months.

Intesa Sanpaolo and Warburg Pincus declined to comment.

Intesa shares were trading up 2.1% at EUR5.653 per share.

By Antonio Di Giorgio, Alliance News reporter

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